CFA二级培训项目：前导班_框架介绍_财报理财权益其他衍生.docx

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1、CFA二级培训项目讲师：ToM空,8相依行56ysW中Uio哽WTopicWeightingsinCFALevelIISessionNO.ContentWeightingsIStudySession1Ethics&ProfessionalStandards10-15StudySession2-3QuantitativeMethods5-10StudySession4Economics5-10StudySession5-6FinancialReportingandAnalysis10-15StudySession7-8CorporateFinance5-10StudySession9-11Equ

2、ityValuation10-15StudySession12-13FixedIncome10-15StudySession14Derivatives5-10StudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement10-153-74专业.创新ISIi三三-iwS-SeuvPUe6三rodx-.suue三u.Ss.I.三wSUoDn七一SUl-BPUBUizO-s-BUUIoooml(I)夏一euPUe6*三tod-.三vueuizSSSSnbE-slS-BUZlBU-PBBH(Z)SM-EUVPUe

3、6三rod-raucmcz9SSVaU-OMEeltAm三-W9IJJpueLUdsUoAeu-qluoSS三sn00SPolE一o:PajLLlSIUUJISu-lsJIu-6=。IUoU、SamIUluor、9PPoSS、6SHLLI一SIssui、M0SIUIUISUIleOd-OUaUImIaa-SA-euPUB6*三todH-BPIIBUHSSSAOMEeltM三I套三=l加寸EUo-IBsUBdIJUOU-v-、FISOPS-PUo万Ud、uo+3BlUSaJd一2U、M0udCUJ(DJJsod、SCUOUOAB-QSn=I-oroPUBIUUJAo-duuujJS0d-Uo-W

4、SUdujouAo-dluuj寸IHa-SA-euPUB6ujodVEQCZSSSAoi三sM三I套三=l加寸ZSjS一uU6-JojPUBBnSS-UlMO-IBSSUoABJdo-BUOAeUR-PIEOsu04B-dE-XB1、AuJoUo2-euo-l-JUH3d-c-B-S-lUJouo。、su-AuuDU-OJOU04SUB=、AUUaLIrDJoUO4B2三SSBDSUoWPSUBIAuunuCO-OV-OM-S020-o-SIa(T)-SA-euvPUB6ujoda-eplleuZSSSAo三sFrameworkASS5FinancialReportingandAnalysis

5、(1)R16AnalysisofFinancialInstitutions/Thedifferencebetweenfinancialinstitutionsandothercompanies/CAMELSapproachtoanalyzeabank/Otherfactorsconsideredtoanalyzeabank/Keyratiosandotherfactorsconsideredtoanalyzeaninsurancecompany#袈.添花留X-OI/F户noqpUonP,I4wooSjalpojP.sp11bABOqSUPpgwoepnbMeg0Sjo+-EOJP.S,SMUP

6、JJBgsodaWUPUyAQypnbOqJwoaRJDURIy昌Pno,M-sroZIMSSISAfeUVPUPupJEod七dupu9gs00MUm工FrameworkSS6FinancialReportingandAnalysis(2)R18IntegrationofFinancialStatementAnalysisTechniques/DefineaPurposefortheAnalysis/Collectinput/Processdata/Analyzeorinterpretthedata/Developandcommunicateconclusionsandrecommendat

7、ions/Followup/CasestudyCategorizationofInvestment:OverviewFinancialassetsAssociatesBusinesscombinationsJointventuresDegreeofinfluenceNosignificantSignificantControllingSharedcontrolTypicalownership%50%VariesInvesteeN/AAssociateSubsidiaryN/ANewfinancialreporting(postIFRS9takingeffect)FVthroughP/LFVth

8、roughOCIAmortizedcostEquitymethodConsolidationEquitymethodU.S.GAAPTradingsecurityAFSHTMAPercentageofinterestsheldbyinvestorsisnotthesolecriterion,degreeofinfluenceismorepersuasive.Otherfactorsshouldbeconsidered,suchas,involvementinpolicyanddecisionmaking.12-741.M专业创新憎值AssociateAAssociates:significan

9、tinfluenced(20%-50%)AEquitymethod-basicRecognizethecostofinvestmentatinception;One-lineconsolidation;B/S:carryingamountofinvestment=costofinvestment+(adj.accumulatednetprofitoftheinvestee-accumulateddividendsdeclaredbytheinvestee)*percentageofinterestowned;adj.accumulatednetprofitoftheinvestee/FVapp

10、reciation;/Inter-transaction.AI/S:againisrecognized=currentyear,snetprofitoftheinvestee*percentageofinterestowned;(usuallyseparatedfromoperatingincome)ControllinginterestinvestmentAAcquisitionmethod:frameworkTheB/SandI/Softhesubsidiaryandparentareincludedintheconsolidatedfinancialstatements;InVeStme

11、ntintheSUbSidiarieS(itemonParentsB/S)areeliminated;Alltransactionsamongtheentitiesconsolidateareeliminated.MinorityIntereStS(MI)arerecognizedbothintheincomestatementsandbalancewhichaccountsforthenetprofitsandnetassetsofthesubsidiariesownedbytheminorityshareholders;/MIisregardedasanisolateditem.Goodw

12、ill:fullgoodwill/partialgoodwillFundedstatusofapensionplanFundedstatus=Planassets-PBOPlan AssetsFair value at the end of the year =Fair value at the beginning of the year+ Employer contributions+ Actual return-Benefit paid to employeePBOPBO at the end of the year =PBO at the beginning of the year +

13、Current service cost + Interest costs + Past service cost (plan amendments during the year) + Actuarial losses-Actuarial gains during the year-Benefit paid to employeePlanassetPBO-OverfundedPlanassetAdoptionof2methodsReportingCurrencyScenarioTreatmentrequiredApplicablemethodLocalcurrencyisthefunctio

14、nalcurrencyTranslationonlyCurrentratemethodFunctionalcurrencyisthereportingcurrencyRe-measurementonlyTemporalmethodNeitherofaboveBothtranslationandremeasurementTemporalmethodfirst,thencurrentratemethod*S三wW-ISUBqJo-SA-BUPIuBUJlSBAU-IqBP0三.SAueUBSJnPUOUupqDIPe。.JddeSlUJIAmoQsod.mdAlsclUJOIo三sodAp-nb-

15、jsoUPUJnSCTro三=qBdgUJ6pup、=BnbIssv5BnbPB-B七dBuSlLuoA1.PeOJddeJWS5三!5S三wW61ucmczeodou Fram e w orkCorporate FinanceSS7:CorporateFinance(1)*R19:CapitalBudgeting*R20:CapitalStructure*R21:AnalysisofDividendsandShareRepurchasesS58:CorporateFinance(2)*R22:CorporateGovernaneeandOtherESGCons!derationsinInve

16、stmentAnalysisR23:MergersandAcquisitions芸业创新.增值*S三wW-,IMSPOLUUO4B11-B一一IIoS-POEUo-IB-pPUBUJoUU-OSaJnSBUJ-qES=Wd6*-6pnq-oCOEEOUSsuoldo-BJIp-MSp0d6U4B-BLJJ、6wl6pnq-Bi一dBuU-n-|Syp6Jd、Sy-IUaIaJ-PIll一MSIU6dSnpX-Pmnw、616pnq-roou。SlUJUO-W-JUI、Uo4pn-B3Uafb-Jd6l6pnq-uS号号g-EdS61HaUEraczWB。-。U卜SSAo三sFrameworkA

17、SS7CorporateFinance(1)R20CapitalStructure/Capitalstructureobjectiveandtheory/Costsandtheirpotentialeffectonthecapitalstructure/Implicationsformanagerialdecisionmaking/CapitalstructurepolicyandvaluationR21AnalysisofDividendsandShareRepurchases/Differentdividendtypes,thedividendpolicyandthefirmvalue/F

18、actorsaffectingdividendpolicy/Payoutpolicies/Analysisofdividendsafety/Sharerepurchasing三!5S三wS*ntroddoPUPV-ra-io6u-%-pLLlSSWuntoddoPUBsls三-oBfAJAUBPI、SaJnPUCMdPUBs-odoo-BJOd-JCO-、SaJnUrUlSdES-IBUMOU-SUo-B-Bqo-D、S-SA-BUVE-ol-ooDsLLJ&qloPUBuEoolB-lod-JODNNH(Z)SUBUzSEOdIOU8ssA*OMOEeIJLFrameworkSS8Corpo

19、rateFinance(2)R23MergersandAcquisitions/Categorizemergerandacquisitionactivities/Bootstrapping/Theindustrylifecycleandmergermotivations/Keydifferencesbetweenformsofacquisition/MethodsofpaymentandUSantitrustlegislation/Takeoverdefensemechanisms:pre-offerandpost-offer/TheHerfindahl-HirschmanIndex(HHI)

20、/Valuingatargetcompany:threebasicmethods/Evaluatingamergerbid/Downsizingoperationsthroughcorporaterestructuring与盟创新鹰值Cashflowprojection一expansionprojectOperatingstageInitialOperatingCFTerminatinOCFWCFACAPEXW.C.investmentInitialoutlay=FCInv+NWCInvOCF=(S-C-D)(I-T)+DTNOCF=NWCInv+Sal-T(Sal-B)=(S-C)(I-T)

21、+D*Tt=0:Initialoutlayt=t:OCFtt=T:OCFReturnofWCSaleofoldassetsInitialTNOCF = NWCInv + SalCF = (S-C-D)(1-T) + D CAPEX W.C. investment Cash collectedOCFWCSale of old FAA Replacement projectTerminatinstageInitial outlay = (S-C)(l-t) + D*TCashflowprojection-replacementproject-T(Sal-B)FCInv + NWCInv-Sal0

22、- T(SalO- B0)Incrementalsales;Incrementalcost;Incrementaldepreciation.专业-创新增值MutuallyexclusiveprojectswithdifferentlivesATheissueCanNOTassessdirectlybycomparingwiththeNPVof2projectsWithdifferentlives:Assumethatthe2projectsarerepeatedOVerthetimehorizon.Twomethodstocompareprojectswithunequallivesthata

23、reexceptedtoberepeatedindefinitelyLeastcommonmultipleoflivesapproach/EXtendStheIiVeSOfthePrOjeCtSsothatthelivesdivideequallyintothechosentimehorizon.Equivalentannualannuity(EAA)approach/EAAistheannuitypayment(seriesofequalannualpaymentsovertheprojectslife)thatisequivalentinvaluetotheNPV./Thedecision

24、rule:tochoosetheinvestmentchainthathasthehighestEAA.Thetwoapproachesarelogicallyequivalentandwillresultinthesamedecision.三8I套司=lllW-NUJo。SdwEnEelu&SyBlUIeqlcoqlAouS-一WPuJAIDb-Sjep-OlIaIPlISO-p一-BuJIqpOE父)+(工)XML)HUus.-S、一U-J一ON-E-XroEPUBDDt5qo3u三-e三deu三!g套三l三lllEW-0IUoO。1E-0EBSBPUppPUBSISoUAuU6BXB一-

25、OUBIlWsC11BUJIoUSOQ三eAuBduloupu(Aw-odCo-三eAUedlUOUPUeAu-OdPUOPQPayoutpoliciesATypesofdividendpoliciesStabledividendpolicy;Constantdividendpayoutratiopolicy(seldomused);Residualdividendpolicy.AStabledividendpolicyRegulardividendsarepaidthatgenerallydonotreflectshort-termvolatilityinearnings;Targetpay

26、outadjustmentmodel/Atargetpayoutratioisagoalthatrepresentstheproportionofearningsthatthecompanyintendstodistribute(payout)toshareholdersasdividendsoverthelongterm;/Theexpectedincreaseindividends=(ExpectedSarningSXtargetPayC)Utratio-PreViOIISdividend)Xadjustmentfactor/Adjustmentfactorisonedividedbyth

27、enumberofyearsoverwhichtheadjustmentindividendsshouldtakeplace.CategorizemergerandacquisitionactivitiesATypesofmergersInahorizontalmerger,theacquirercompanyandthemergingcompaniesareinthesamekindofbusiness,usuallyascompetitors./MotivationsThepursuitofeconomiesofscale;Toincreasemarketpower.Inavertical

28、merger,theacquirerbuysanothercompanyinthesameproductionchain./Averticalmergermayprovidegreatercontrolovertheproductionprocess.Inaconglomeratemergeranacquirerpurchasesanothercompanythatisunrelatedtoitscorebusiness./SynergiesfromcombiningthetwocompaniesReducethevolatilityoftheconglomeratestotalcashflo

29、ws;Companyleveldiversificationisnotnecessarilyintheshareholdersbestinterests.3174号攻创新憎值KeydifferencesbetweenformsofacquisitionMajorDifferencesofStockversusAssetPurchasesStockpurchaseAssetpurchasePaymentTargetshareholdersreceivecompensationinexchangefortheirshares.Paymentismadetothesellingcompanyrath

30、erthandirectlytotheshareholders.ApprovalShareholderapprovalrequired.Shareholderapprovalmightnotberequired.Tax:corporateNocorporateleveltax.Targetcompanypaystaxesonanycapitalgains.Tax:shareholderTargetcompany,sshareholdersaretaxedontheircapitalgains.Nodirecttaxconsequencefortargetcompanysshareholders

31、.LiabilitiesoftargetAcquirerassumesthetarget,sliabilities.Acquirergenerallyavoidstheassumptionofliabilities.专观创新憎值Mind-setoftargetmanagementAAttitudeoftargetmanagementInafriendlymerger,theacquirerwillgenerallystarttheprocessbyapproachingtargetmanagementdirectly./Thenegotiationsrevolvearoundtheconsid

32、erationtobereceivedbythetargetcompany,sshareholdersandthetermsofthetransactionaswellasotheraspects,suchasthepost-mergermanagementstructure;/Thedefensivemergeragreementcontainsthedetailsofthetransaction,includingtheterms,warranties,conditions,terminationdetails,andtherightsofallparties;/Thetargetshar

33、eholdersapprovingthestockpurchaseortheacquirershareholdersapprovingtheissuanceofasignificantnumberofnewshares,thematerialfactsareprovidedtotheappropriateshareholdersinapublicdocumentcalledproxystatement;/Targetshareholdersreceivetheconsiderationagreeduponunderthetermsofthetransaction,andthecompanies

34、areofficiallyandlegallycombined.Mind-setoftargetmanagementAAttitudeoftargetmanagement:Hostilemergeroffers/Bearhug:inahostilemerger,whichisamergerthatisopposedbythetargetcompanysmanagement,theacquirermaydecidetocircumventthetargetmanagementsobjectionsbysubmittingamergerproposaldirectlytothetargetcomp

35、anysboardofdirectorsandbypassingtheCEO./Ifthebearhugisnotsuccessful,thenthehopefulacquirerwillattempttoappealmoredirectlytothetargetcompany,sshareholders.Tenderoffer:theacquirerinvitestargetshareholderstosubmittheirsharesinreturnfortheproposedpayment;Proxybattle:acompanyorindividualseekstotakecontro

36、lofaCompanythroughashareholdervote.专观创新-憎值MethodofpaymentAMethodofpaymentAsecuritiesoffering,acashoffering,andcombinationofthetwo./Inasecuritiesoffering,thetargetshareholdersreceivesharesoftheacquirerscommonstockascompensation;/Inacashoffering,thecashmightcomefromtheacquiringcompanysexistingassetsor

37、fromadebtissue.Exchangeratio/DefinitionTheexchangeratiodeterminesthenumberofsharesthatstockholdersinthetargetcompanyreceiveinexchangeforeachoftheirsharesinthetargetcompany./Becausesharepricesareconstantlyfluctuating,exchangeratiosaretypicallynegotiatedinadvanceforarangeofstockprices;/Theacquirerscos

38、tistheproductoftheexchangeratio,thenumberofoutstandingsharesofthetargetcompany,andthevalueofthestockgiventotargetshareholders.35-74三三-三iwUoAe=e3三bUJ三三.S.Il01Pn-pPilPQouzzxS-SA-BUXXAUBduJoDPUBA=SnPUl9zkSU。一Wn-BmnbLLlOISSASldUUODEBSZ工SSSSO-JdPUBsu-ddAl-FlbwsuolBremnbUJsssAUo一一Bn-BAAUBdUJOUn-ImHUO-IBn-BAUJoUul-BnP-S&OmH-BPUe。d-uo-l3n-BPbsbSJBWBW6z-Uo4pn-PM-uLlSPDu2suore至nbIXIXTSSAS3UE1S